According to an official statement, PKO BP has signed a cooperation agreement with NatWest Bank (owned by Royal Bank of Scotland) yesterday. Thanks to the agreement, customers placed in UK will be able to transfer money between accounts without fees. Minimum amount of money transferred to Poland, free of charge, has to be equal at least 100L. PKO BP CEO, Rafal Juszczak, hopes for further cooperation with NatWest Bank in terms of new products offered to Poles working in UK.
NatWest Bank is a UK based bank offering its products and services throughout 1,629 (at the end of 2006) branches.
We find cooperation agreement between banks as positive as free of charge transfers may attract new customers to state owned bank. Primary target for the Polish bank are 400 ths (according to an official data) Polish emigrants working in UK. Signing the cooperation agreement PKO BP has abandoned primary idea of opening its own representative branches in Great Britain.
Expansion in UK is a part of the PKO BP's strategy which has been announced in the present year. Beside agreement with NatWest, PKO BP has lately received permission from the National Bank of Ukraine for the purchase of shares in Kredobank owned by EBRD. After the transaction PKO BP will held over 98% stake in Ukrainian bank.
We are expecting positive trading impact on the stock price today